Larvotto joins antimony ranks as Hillgrove revives

Larvotto Resources (ASX: LRV) has started antimony and gold production at its Hillgrove mine in Australia, adding a major Western source of a strategic metal whose supply is dominated by China and Russia.

The New South Wales operation is expected to meet about 7% of global antimony demand and account for more than half of supply outside China, according to Larvotto. The company plans to produce 4,900 tonnes of antimony and 40,500 oz. of gold annually over an initial eight-year mine life.

“Becoming Australia’s biggest antimony producer is a significant achievement, particularly at a time when securing reliable supply of antimony has become a strategic priority for governments around the world,” Managing Director Ron Heeks said in a statement.

Shares in Larvotto Resources closed 1.3% stronger on Tuesday in Sydney at A$1.14 apiece, valuing the company at nearly A$595 million (US$425 million).

Hillgrove makes Larvotto only the second antimony miner in Australia and by far the largest, the company says. The other producer is Alkane Resources’ (TSX: ALK) Costerfield mine in Victoria. 

Antimony is mainly used to harden lead in bullets and has military applications in explosives and infrared sensors, while civilian uses include flame retardants and solar panels.

Price pressure

Hillgrove has reached production despite a sharp retreat in antimony prices over the past year. The metal climbed above a record US$59,000 per tonne in May 2025 amid concerns about tight supply but has since fallen to less than half that level.

Substitution and the emergence of new sources contributed to the decline, industry research firm CRU Group said in a March report.

The weaker market adds a note of caution to Hillgrove’s revival after the mine produced antimony intermittently for more than a century. Discovered in 1857, it saw significant modern-era production from 1969 before temporarily closing in 2014 as low antimony prices weighed on the operation.

Larvotto’s transformation of Hillgrove began only in mid-2023, when management approached the administrators of the dormant operation. With no rival bidders emerging, the company acquired the asset for A$8 million, including a A$5-million environmental bond.

Less than three years later, Larvotto has turned the mothballed property into a producing gold-antimony mine, while its valuation has risen sharply alongside the project’s revival.